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Tripos Shareholders Greenlight Discovery Informatics Divestiture, Liquidation

NEW YORK (GenomeWeb News) – Tripos’ shareholders have approved the company’s plan to sell its Discovery Informatics business to Vector Capital and liquidate the company, Tripos said today.
Earlier this month, Institutional Shareholder Services, an advisory firm Tripos hired to help in its liquidation plans, recommended that shareholders approve the deal.
Vector Capital is expected to close the acquisition “early in the week” of March 19.
ISS said Tripos needs to raise money to pay debts and said downward trends in the company’s core businesses made the sale advisable.
In addition, the Tripos is in jeopardy of being delisted from the Nasdaq for failing to maintain a minimum market cap and share bid prices for 30 consecutive days, the Nasdaq exchange told the company in January.
As previously reported, Tripos also is seeking buyers for its Discovery Research segment. Last month the company said potential suitor Provid Pharmaceuticals may not be able to raise enough moneyto buy the unit.

Earlier this month Tripos disclosed that company officials may buy the segment if a buyer is notn found.

The company plans to liquidate “following resolution of all corporate debts and obligations, and will commence approximately six months from now.”

It was not immediately clear how the disposition of the Discovery Research unit factors into the liquidation.